High Voltage Cables Market Overview:

Global High Voltage Cables Market is expected to garner $47.1 billion by 2022, registering a CAGR of 6.7% during the forecast period 2016 - 2022. High Voltage cable (HVC) is used for electric power transmission at high voltage over long distances to meet the electricity demand at the respective loads. High voltage cable (HVC) is used for electric power transmission at high voltages over long distances to meet the electricity demand at the respective loads.

The ongoing industrialization and urbanization in developing countries, such as China, Japan, and India, act as major growth drivers for the market. Moreover, increased number of renewable energy projects, such as wind and solar power plants, have supplemented the growth of the HVC market. Furthermore, these cables offer the advantages of presence of additional insulation jacket that minimizes power loss, and enhanced stability in comparison to other cables. HVCs are widely used in overhead lines, underground cables, and submarine cables. However, the volatile prices of metals, such as copper and aluminum, adversely impact the market growth. The increased government investments in smart grid technology and increase in number of offshore power projects in developing countries are some factors that are expected to create numerous opportunities for the growth of HVC market in the years to come.

Prominent strategies, such as expansion, product launch, acquisition, partnership & collaboration, and agreements, are adopted by leading market players as an effort to expand their product offerings and widen their market reach. The corporate profiles of the prominent players, such as, ABB, Prysmian Group, Nexans, NKT cables, and General Cable Technologies Corporation, are analyzed in the report in an effort to gain an insight into their performance and developments.

Segment review

This report studies the high voltage cable market by type, end user, and geography. Based on type, the market is divided into overhead, underground, and submarine cables. On the basis of end user, the market is divided into industrial (oil & gas, mining, power utilities, chemical & petrochemical, and others), renewable (wind, hydropower, and others), and infrastructure (commercial and residential). On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The North American market is further segmented into countries such as U.S., Mexico, and Canada. The European region is further segmented into Italy, Sweden, Germany, France, and rest of Europe. The countries covered under the Asia-Pacific region are China, India, Japan, South Korea, and rest of Asia-Pacific. Analysis of the LAMEA region covers Latin America, Middle East, and Africa.

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GROWTH STAGE OF OVERHEAD, UNDERGROUND AND SUBMARINE CABLES

As per the graph, underground and submarine cables are expected to grow at a notable rate owing to their usage in various offshore solar & wind projects and different industries such as oil & gas and power utilities. However, overhead cables would lose their significance in the coming years as they are being replaced by underground cables.

Global high voltage cable market share by type, 2015 & 2022 (%share)

Underground cables are more preferred among alternative products in the same segment owing to their widespread application in various industries such as power utilities, oil & gas, and mining. However, submarine cables are expected to grow significantly during the forecast period. The growth of these cables is attributed to the, new found places in ocean for oil and gas excavation, and establishment of new tidal power plants.

High voltage cables are mainly used to transmit heavy electrical energy from power plants to substation at a very high voltage level. HVC can withhold voltages from 66 kilovolts up to 660 kilovolts. They are rugged in design, have larger life span and are available for all the three operations, whether underground, overhead, or under water. Major factors fueling the demand of HVCs are growing industrialization, rapid urbanization, upgradation of traditional power grids, and increase in number of power plants for renewable energy resource conversion.

Competition Analysis

The HVC market is concentrated as top five players account for more than 50% share of the overall HVC market. Amongst the key players of high voltage cable market, in 2015, Prysmian group dominated the market followed by ABB Group. Moreover, the Prysmian group runs one of the biggest R&D facilities in the HVC market. In the year 2015, the company invested $81 million in their R&D facilities. However, budding regional market players present a tough competition to these giants. Hence, the market share of Prysmian and ABB is expected to fall during the forecast period.

Top Investment pockets

The graph drawn below represents the potential of various types of HVC that are used to transmit the high voltage electricity. Currently, underground cable leads the Global high voltage cable market in terms of global revenue, followed by submarine and overhead cables.

TOP FACTORS IMPACTING Global HIGH VOLTAGE CABLE MARKET

Key Benefits of High Voltage Cable Market

A comprehensive analysis of the current trends and future estimations for the global high voltage cable market is provided.

The report presents the competitive scenario of the market with a detailed discussion on the current and future growth trends, market structure, driving factors, investment scope, profitable opportunities, and key challenges.

The report includes a detailed analysis of market segments to provide an insight on the market dynamics.

Porter’s Five Forces analysis is conducted to highlight the potential of buyers and suppliers as well as to provide insights on the competitive structure of the market for companies to devise effective growth strategies and facilitate better decision-making.

Value chain analysis provides key inputs on the role of stakeholders involved at various stages.

SWOT analysis of the key players highlights their strengths and weaknesses along with potential opportunities present in the market.

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High-voltage cables (HVCs) are mainly used to transmit the electrical energy from power plants to substations at high voltage ratings ranging from 66 to 660 kilovolts. They are rugged in design, have longer lifespan and are available for underground, overhead, and underwater applications. Factors which fuel the demand of HVCs are growth in industrialization, urbanization, upgrade of power grids and increase in the number of power plants of renewable energy resources.

With the growth in energy demand, industries such as oil & gas, mining, power utilities, and chemicals among others have focused on the development of infrastructure to meet the power transmission requirements. In various developed countries of North America and Europe, these grids have become less efficient with time; therefore, the grid infrastructure needs to be upgraded to provide continuous power supply. Moreover, increase in new mega projects launches has fueled the demand for HVCs. For instance, beginning 2016, Indian government initiated work on industrial corridor from Delhi – Maharashtra comprising 24 smart cities, 23 industrial hubs, 6 airports, and a 6-lane expressway of about 1,500 km. Dubai government has recently invested around $14 billion to generate 5000 MW of solar power project by 2030. With such and many more projects in the pipeline, the demand of HVCs is expected to increase rapidly during the forecast period.

Industrial sectors, such as power utilities, oil & gas, mining, chemical, and other industries hold significant shares of the market revenue. However, the demand for HVCs in renewable energy sector is expected to exhibit a relatively faster growth in future, owing to increasing number of offshore power projects. Asia-Pacific dominates the global market, followed by Europe and North America. The demand for HVCs is expected to grow rapidly in the Asia-Pacific region, owing to the infrastructural projects and power plants in pipeline in developing countries.

Leading players, such as ABB, Prysmian Group, General Cables Technologies Corporation, NKT Cables, and Nexans have focused on developing new technologies to improve the efficiency of transmission through HVCs. For instance, Itaipu systems in Brazil use installed line commutated current source convertors for their 6,300 MW lines. These technological advancements require replacement of old cables with new ones, which drives the demand for HVCs. Moreover, collaborations, product launches, and acquisitions strategies have been adopted by prominent players to increase their market outreach in the untapped regions.